The Endogenous Oil Shock – Stephen Roach

In the macro world, strikes, wars, and natural disasters have long been thought of as classic exogenous shocks — those out-of-the-blue disruptions that jolt economies and markets. For stable economies, the impact of the exogenous shock is fairly predictable — a temporary reduction in growth followed by the rebound of recovery. Such are the impacts that are likely to follow from the devastation of America
Morgan Stanley